Shares of manufacturing and transportation companies declined as Treasury rates rose in the wake of Federal Reserve Chairman Jerome Powell's congressional testimony.
Shares of Boeing rose, cushioning losses for the Dow Jones Industrial Average, after it struck a high-profile deal with the White House. The Trump administration agreed to a $3.9 billion deal to replace the two jumbo jets that fly as Air Force One.
One money manager said industrial and transportation companies are among the biggest beneficiaries of the recently passed tax cuts. "The smaller you are, the less complicated your tax structure, the more domestic you are, the more likelihood you're paying the top rate of tax, and the more savings you get," said Eric Marshall, president and director of research for mutual-fund firm Hodges Capital Management.
--Rob Curran, [email protected]